IQ 2Q25 Results: Updated Rules Could Drive Upside in LF Video
What’s new: iQIYI's reported 2Q25 revs that were largely in-line with consensus and our expectations. While near-term financials could remain under pressure, the updated rules from National Radio and Television Administration could strengthen content supply – potentially benefitting the recovery of membership and ads segment. We up our PT from US$2.00 to US$2.60 partly due to a favorable regulatory environment. Our updated PT of US$2.60 implies 1.0x FY26E EV/Revs. We maintain our BUY rating.Analysts:
Jin Yoon
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